Joe Mac’s Market Viewpoint: Millennials Ignite Housing, Part I

The U.S. housing sector is on the verge of a major second leg up. The stage has been set for a while. Mortgage rates remain near record lows, credit availability is improving, and employment has been surprising to the upside. Now, a real game-changer has emerged: household formations are surging. Following a long plateau, new home sales, housing starts, and residential employment will soon follow.
The first leg of the recovery came in 2012, when house prices bottomed, home sales turned up...